British Gas Price Rise
Fourth Big Six Supplier Raises Prices
British Gas is now the fourth supplier to hike their prices after the increase in the energy price cap we saw last month.
This means that only two ‘Big Six’ energy companies have not increased their prices yet, but are expected to do so very soon.
The increase from British Gas is £119^, which closely aligns with the amount the price cap was raised by. The increase means the maximum default bill will be met, at £1254^.
Those on the British Gas default tariffs will be affected, as their prices are not fixed.
E.ON, EDF and Npower have already raised their standard tariff prices, all by £117. It is expected that other suppliers, particularly the remaining two Big Six, Scottish Power and SSE, will follow suit and raise their prices in the very near future.
Alex Neill, Managing Director of Home Services at Which?, said: “The energy price cap will be cold comfort for the millions of British Gas customers who will now face eye-watering price hikes in April. While there are fewer cheap deals on the market than a year ago, energy customers can still save almost £300 a year by switching to secure a better deal before the April hike.”
Now is the best time to secure a cheaper deal before the price hikes set in. Unlike a standard tariff, a fixed deal will protect you from price hikes for its entire term, making it a great option in uncertain times like these.
Victoria Arrington, spokesperson at energyhelpline, says, “Now the UK’s biggest supplier has joined in on this ongoing wave of price hikes - which means the largest impact on consumers yet. Although the price cap does have some impact, it is by no means a guarantee that you are getting a good value. It is time for consumer action!
“Consumers cannot be complacent, or they risk paying more than they have to, as the price cap follows the movements of the wholesale market. But customers can protect themselves from these price hikes by comparing suppliers and choosing a fixed tariff. The average customer who switches can save over £300* a year, by just investing a few minutes of time to find a better deal on energy.”
You can compare and switch your energy bill here.
*Average saving of £300 per year calculated with average usage and after the price cap increase to £1254 on April 1st 2019.
^Averages are calculated for a typical usage home taking gas and electricity and paying by monthly direct debit. Usage for a typical home as per OFGEM guidelines: Gas 12,000 kWh pa and Electricity 3,100 kWh pa